The Manufacturers Life Insurance Company Purchases 12,435 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

The Manufacturers Life Insurance Company boosted its position in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 58.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,742 shares of the company’s stock after acquiring an additional 12,435 shares during the period. The Manufacturers Life Insurance Company’s holdings in New Fortress Energy were worth $510,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its stake in shares of New Fortress Energy by 8.5% in the 3rd quarter. Franklin Resources Inc. now owns 161,095 shares of the company’s stock valued at $1,555,000 after purchasing an additional 12,587 shares during the period. Oak Thistle LLC bought a new stake in shares of New Fortress Energy in the 4th quarter valued at approximately $198,000. Arkadios Wealth Advisors bought a new stake in shares of New Fortress Energy in the 4th quarter valued at approximately $151,000. SG Americas Securities LLC bought a new stake in shares of New Fortress Energy in the 4th quarter valued at approximately $125,000. Finally, Janney Montgomery Scott LLC bought a new stake in shares of New Fortress Energy in the 4th quarter valued at approximately $533,000. 58.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NFE has been the topic of several analyst reports. Stifel Nicolaus lowered their price objective on New Fortress Energy from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Morgan Stanley reduced their target price on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $8.00 target price on New Fortress Energy in a report on Wednesday, March 12th. Finally, Citigroup reduced their target price on New Fortress Energy from $34.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.00.

New Fortress Energy Stock Up 6.0%

Shares of NFE opened at $2.66 on Friday. New Fortress Energy Inc. has a 12 month low of $2.26 and a 12 month high of $27.65. The firm’s 50 day moving average is $6.97 and its 200-day moving average is $10.37. The stock has a market capitalization of $728.23 million, a PE ratio of 2.92 and a beta of 1.45. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06.

New Fortress Energy (NASDAQ:NFE) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. The business had revenue of $679.00 million for the quarter, compared to analysts’ expectations of $613.24 million. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. Equities research analysts forecast that New Fortress Energy Inc. will post 0.36 EPS for the current year.

Insider Activity at New Fortress Energy

In other news, CFO Christopher S. Guinta acquired 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $8.57 per share, with a total value of $42,850.00. Following the completion of the purchase, the chief financial officer now directly owns 206,653 shares of the company’s stock, valued at $1,771,016.21. The trade was a 2.48% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 29.40% of the stock is currently owned by insiders.

New Fortress Energy Profile

New Fortress Energy Inc operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment engages in the natural gas procurement and liquefaction; and shipping, logistics, facilities and conversion, or development of natural gas-fired power generation.